family health insurance

importance of insurance for family

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Importance of Insurance for Family

Family Health Insurance could be a policy that provides coverage under the individual policy to the whole family. Family health insurance is a form of effective health insurance cover. By the way, some plans allow your parents to take insurance separately. This policy protects you and your entire family healthy and keeps you stress-free.

But in the family health insurance policy, you have to pay a lower premium amount and it saves your money along with protecting your family. By informing the insurer, you can also easily add some new family members such as a newly married spouse to a family health insurance policy.

Why is family health insurance necessary?

Increasing pollution, consumption of poisonous things are polluting the entire country resulting in infectious diseases, heart attacks, diabetes, and unfortunate conditions such as even at a young age.

There is no doubt in saying that the rise in price rate within the healthcare industry is creating a lot of problems and can easily drain your entire savings and of course, nobody wants that for their family. Taking care of your family members like parents, spouses, and children are your top priority, and cover your medical costs with the help of Family Health Insurance.

Types of Family Health Insurance:

Medical Insurance – Medical insurance provides coverage on all hospitalization expenses related to your treatment. Under this, the person gets the necessary coverage in the form of cashless benefits or to compensate for the expenses of the surgical costs incurred in the hospital.

Critical Illness Insurance Scheme – This plan is specially designed in a manner that provides the necessary coverage against serious diseases such as heart attack, stroke, kidney failure, etc. However, companies do not provide this as a family health plan, you can buy it as an additional cover.

Features of Family Floater Mediclaim Policy:

  • Under a policy, the policyholder can cover all his family members.
  • No separate policies are required for each family member.
  • Single premium policy, the insured can remain worry-free after paying the premium annually.
  • The policyholder can change and add family members to the policy at any time.
  • Many insurance companies also provided an option to cover your in-laws and siblings.
  • Cashless hospitalization is provided by some insurance companies.
  • The family health insurance policy covers the patient’s hospital charges that include the doctor’s consulting fees, medical bills, and even hospital room charges.
  • The cost of medicines is also included in policyholders.
  • Daycare is provided to the policyholder
  • Any kind of organ donation expenses for the policyholder is covered under the family health insurance policy.
  • Family health insurance policy facilitates domestic hospitalization.
  • If an ambulance is required at the time of emergency, the cost is also included.
  • Some insurance companies also cover some serious diseases, but this is not necessary. For example, Tata AIG Velocity Family Insurance covers 11 critical illnesses.
  • Most family health insurance policies promise lifetime renewal beyond 65 years of age.
  • As per Section 80D of the Income Tax Act, the premium amount paid for the policy will be exempt from tax.

Benefits of family floater mediclaim policy:

The company is providing an option to buy online through which you can save your time and hard-earned money. With the online facility, you can buy the desired policy online from anywhere comfortably. This option offers customers additional ease and convenience.

  • Hassle-free coverage for the whole family: This reduces the need to pay different health insurance premiums for each member of the family.
  • Increase in sum assured: With the cost of living, the cost of medicines is increasing on hospitalization, which puts an extra burden on you. You can also increase the insurance sum assured amount for your family members from time to time as per requirement.
  • Discount availability: Under the family floater scheme, you can get discounts and incentives as per the norms of the insurance company. This is one of the simplest ways to protect your family’s health.
  • Add new family members easily: In this medical plan, you can easily add a new family member. In case of the unfortunate death of the senior-most member of the family, alternative members will continue with the plan without losing any benefits. This is one of the most important benefits of this plan.
  • Parents and in-laws included: Some insurers allow customers to add siblings and in-laws by paying a small additional cost.

What are things included in the Family Health Insurance Policy?

Family health insurance is to cover all expenses of inpatient hospitalization, pre-hospitalization facility, hospitalization, day-care treatment cover, free health check-up, emergency ambulance cover, etc. Each point is given below:

  • In-Patient Hospitalization: All medical expenses included during hospitalization will be liable to receive cover. If any member of the insured family is hospitalized for more than 24 hours, the insurance company will pay all medical expenses associated with it.
  • Pre-hospitalization expenses: The insurance company will acquire the expenses incurred before hospitalization. As an example, MRIs, blood tests, X-rays, ultrasound results, urine tests, etc. before hospitalization are included.
  • Post-hospitalization expenses: Any medical expenses after being discharged from the hospital are vulnerable to receive cover. As an example, medications, or any medical tests performed after discharge to visualize for improvement.
  • Ambulance Charges: Most insurance companies offering a family health insurance plan include emergency ambulance fees. The amount of emergency ambulance varies with all insurance companies.

Exceptions to Family Health Insurance Policy:

The insurance policy covers a wide range of needs of the common man. Nevertheless, there are some restrictions and exceptions which are as follows:

  • The Family Health Insurance Policy does not cover any type of health ailment that occurs due to excessive consumption of alcohol or drugs prescribed by any doctor.
  • Sexually transmitted diseases such as AIDS or HIV are excluded from the Family Health Insurance Policy.
  • No treatment for complications such as infertility, miscarriage, or any treatment related to premature delivery is covered under any family health insurance policy.
  • No assistance is provided for dental or oral treatment.
  • No reimbursement for any loss or damage caused by a mental health disorder is included by the family health insurance policy.
  • No diagnostic fees will be reimbursed if the policyholder has no positive signs for the disease, but wants to undergo a medical test.
  • Any damage that occurs during any suicidal attempt by the policyholder is strictly excluded from the family health insurance policy.

Also, ReadTop 10 International Health Insurance Companies

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